Try a bit of celebrity style by buying into a luxurious island development on Anguilla, the Bahamas, the Cayman Islands or the US Virgin Islands. Words Isobel Palmer

You’re looking to invest in property. You might want a holiday home; maybe a retirement property; perhaps a rental property. But, hang on, you’re looking at the most beautiful islands in the world, where the beautiful people go. So, put aside common sense for the next few pages, and join me in a heavenly Caribbean daydream: luxury properties for the lifestyle buyer. Tiny Anguilla demands attention, where prices at its Viceroy resort range from $935,000 to $9.9million. The properties were designed by Beverly Hills’ premier interiors creator, Kelly Wearstler. Currently on offer is a range of homes from studios to three-bedroom apartments, stunning penthouses with breathtaking views of the ocean, townhouses, ocean view and bluff-top villas, right up to the spectacular waterfront villas that enjoy their own private beaches.

So why Anguilla? Aisling Gray of Hamptons International says: “Locals tend to greet visitors warmly and guests notice this. Then there are the world-class beaches, where one should not be surprised to spend part of the day with the sands all to themselves. Anguilla has carefully guarded its environment to induce a relaxed atmosphere, populated by a mere 16,000 Anguillians and an emphasis on only those amenities that enhance that experience. There are reefs and shipwrecks for snorkellers and divers to explore, and a number of acclaimed independent restaurants representing the culinary spectrum. These are the reasons why Anguilla is simply different.”

If you don’t mind a more Americanised culture, there’s the tax haven of the Cayman Islands, while Knight Frank have some beautiful properties and new developments in the Bahamas. Don’t forget the US Virgin Islands; there are some exciting changes on the way here, too.

In the Bahamas, George Damianos of Damianos Sotheby’s highlights the islands’ tax haven status: “There is no income, capital gains and no inheritance tax in the Bahamas. A qualified buyer can become a permanent resident within 21 days of purchasing a home at $1.5m or more.”

George recommends the neighbouring developments of Lyford Cay and Old Fort Bay on New Providence. Both offer excellent amenities for the lifestyle buyer. Lyford Cay is a golfer’s haven, with its par-72 course, while Old Fort Bay has everything a sailing enthusiast could want, with winding waterways criss-crossing the development.

Meanwhile, Maribeth Davies at Hamptons International is very excited about the launch of The Baha-Mar at Nassau. It’s massive – five hotels; a casino; a conference hotel; a half-mile stretch of beach and many real estate options.
With no restriction on foreign property ownership and their status as one of the world’s foremost tax havens, the Cayman Islands certainly offer a lot to the luxury buyer. Michael Joseph, of Re/MAX Cayman Islands, says: “The Cayman Islands have survived tremendously well despite the world recession. We had drops in various sectors of the market, but all-in-all it was a far cry from what happened at comparable destinations. The buyer’s market is still here, but all signs show that the market is picking up. There has been a marked increase in enquiries, showings and sales of homes and condos.

“Locally we have several major projects that are creating jobs and confidence: the 2,000 bed Medical Tourism hospital, Cayman Enterprise City, the Special Economic Zone and the ForCayman Alliance development at Camana Bay. Any one of these alone would re-ignite our market, so now is the time to jump on board.”

He highlights Oceana, an exclusive development near George Town, as a great investment opportunity. Comprising just 15 two- and three-bedroom penthouse apartments, all with unobstructed sea views, the building is set in landscaped tropical gardens with an infinity edge swimming pool. All the fixtures and fittings are to the highest specification, including Meile appliances in the kitchens and Duravit fittings in the bathrooms.

In the US Virgin Islands, Peter Briggs, owner of John Foster Real Estate, has seen price reductions since last year of 5-10%. “Opportunities are better now,” he says. “The unique selling point of the US Virgins is definitely the yachting – we have close to 1,000 islands within a one-day trip. This means you also get amazing views of the surrounding islands – it’s not like any other part of the Caribbean.”  
But is it worth the extra travel time for UK buyers? You can fly direct from Miami but in the Caribbean, go via Antigua – the closest – or Barbados. The airport is on the main island of St Thomas, which is also the most developed. “St Thomas has changed in the past few years. A mega-yacht facility has been developed, Yacht Haven Grand, with world-class shopping. Private planes can fly in under the US flag and this has provided a unique conduit to wealth,” says Peter. Prices are similar to those on Barbados, he adds.

There are certainly some stunning properties in incredible positions but would it be to British tastes? Peter suggests a holiday renting an apartment at the Ritz Carlton Club via his company’s rental partner Vintage Escapes. “It’s a great way to come and experience the US Virgins within a residential environment, yet enjoying the legendary Ritz Carlton service.”

So what about the global economic situation? What effect is it having on the luxury end of the market? Aisling Gray says: “It’s my sense that pricing has begun to stablize.” She warns that: “Those developments that were suspended in the face of various financial hardships may find it difficult to re-start under the former debt-driven models,” but adds that she believes some of those properties will soon be re-started under newer, stronger, perhaps more professional ownership. Do I get a whiff of confidence around the corner?

Never heard of some of these places? One of the most helpful sites is www.definitivecaribbean.com – an independent travel guide that includes information on real estate. Here, you can get a real feel for the various islands and their attractions.

www.signatureresidencesworldwide.com  /Viceroy-Anguilla
www.hamptons-international.com bahamar.com
www.sirbahamas.com
www.knightfrank.co.uk
www.remax.ky
www.usvi-realestate.com
www.stthomasresidenceclub.com